European Commission in favor of instant digital payments across the continent

The European Commission would be forcing the implementation of instant digital payments through platforms such as Bizum

Digital payments, through various technological platforms, have penetrated most markets. The European Union seeks its standardization and is pressing in Brussels so that all member countries can adapt to this instant digital payment system.

The fact of being able to carry out a transaction in a few seconds makes life easier for customers of banks, stores, corporations. Even payments to workers are now much simpler, and can be made from anywhere in the world.

The novelties that will be introduced in the banking service in the EU are focused on the offer by all banks of the instant payment and transfer service, as well as the collection of a commission that is not higher than the amount of the transaction.

Of course, a clear, standard regulation is required, with the proper supervision of financial organizations, so that it does not become a niche for cyberattacks or other risks that affect the digital universe.

The European Commission, through the Commissioner for Financial Services, Mairead McGuinness, has underlined the importance of the circulation of money, currently accessible in a click through digital platforms. They have mentioned Bizum as an example, without forgetting that regulations are required from Brussels to shorten the standardization times that have been uneven in the European Union until now.

In other territories, alternatives to Bizum include PayPal, Revolut, Bnex, Twyp, among other instruments that facilitate transfers and payments independently.

Any decision in this sense must, however, go through the European Parliament and receive the approval of the Twenty-seven before reaching the population.


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With information from international media

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